During last night's State of the City address, Detroit Mayor Dave Bing said the $330 million dollar deficit he inherited now stands at approximately $150 million.

Bing suggested he will introduce millions in new savings during future budget discussions with City Council and noted that he will submit "an ambitious but realistic" deficit elimination plan to the state by March.

The city managed to pay its bills last year, in large part, due to $250 million in fiscal stabilization bonds, which freed up cash but must be repaid via state revenue sharing. But wait, isn't Gov. Rick Snyder trying to cut revenue sharing?

If you're confused, you're not alone. To make sense of the city's precarious financial situation, Fox 2's Charlie LeDuff invited Bettie Buss of the Citizens Research Council to break down the numbers in a way even a kid can understand: on a chalkboard.